• Property Management Manual
  • Introduction
  • What is Equipment?
  • Equipment Classifications
  • AM's Role in Property Management
  • Department's Role in Property Management
  • Tagging Procedures
  • Updating Information
  • Moves / Relocations / Transfers
  • Unlocated Property
  • Property Transfered to Another Department
  • Transfering Property to Another Educational Institution
  • Employment Termination
  • Surplus Equipment Policy
  • Equipment Disposition
  • Equipment Purchased with External Funds
  • Disposition of Federally-Owned Property
  • Property Inventory
  • Composition of the Database
  • Reports Available
  • Glossary of Terms
  • Forms

Property Inventory

A. Periodic Inventory

Each department will receive an inventory listing and assist in conducting a periodic physical inventory of all equipment as requested by AM in accordance with University and/or sponsor requirements. Such an inventory shall verify the existence, location, current utilization and continued need for the equipment. Discrepancies between the listing and the physical inventory shall be investigated to determine the nature of inconsistency.

B. Biennial Inventory

WPI is required by the Federal Government to perform a physical inventory of its property at least once every two years. This requirement is part of the Office of Management and Budget (OMB) Circular A-110. In addition, the University, for institutional management purposes and for insurance purposes, needs to know the status and value of its assets. Each department will be placed on a schedule and will receive an inventory listing and instructions, and a copy of completed inventory listings.

C. Final Project Inventory

Upon completion or termination of a grant or contract, a physical inventory of all federally-owned property shall be taken. AM will conduct the final physical inventory and report the results to the funding agency.

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Last modified: May 29, 2007 11:37:42